At least ten credit institutions in Belarus, Kazakhstan, and Kyrgyzstan have sharply increased commissions for accepting cash Russian rubles from non-residents since the start of August, according to a tally by RBC.
The steepest hikes came in Belarus, where rates rose from 2–5% to 15% or more. MTBank, Belarusian VTB, Sberbank, BelVEB, Belarusbank, Technobank, and Tsepter Bank have all announced such fees for non-residents. Neo Bank Asia introduced a 20% commission for cash ruble deposits via its teller from July 29.
In Kazakhstan, Bank CenterCredit raised its fee for individuals from 5% to 10% on August 12, while Halyk Bank had already increased its retail rate to 15% in July and doubled its charge for businesses accepting cash rubles to 10% from August 10. The new rules apply not only to non-residents but also to Kazakh citizens. Kyrgyzstan's EcoIslamicBank also doubled its commission from 5% to 10%.
The number of banks introducing fees from scratch is also growing: Freedom Bank Kazakhstan will impose a 2.5% charge from August 17, and Belarus's Priorbank will set a 5% fee from August 14. Meanwhile, Frank Media found a case of a reduction in the ruble acceptance fee at Freedom Bank Kazakhstan, from 5% to 2.5%.
Banks in neighboring countries began charging for Russian ruble deposits in June amid a sharp influx of cash from Russia. An RBC source at a Belarusian bank linked the growing flow of cash from Russia to EAEU countries to tighter controls on cash transactions within Russia. Experts say cash is piling up in bank vaults, making collection and conversion too costly.